Obama in Sweden. The US president will spend the day in Stockholm—a hastily arranged visit that takes the place of a one-on-one Moscow meeting with Vladimir Putin, cancelled after Russia granted asylum to Edward Snowden—en route to the G20 summit in St. Petersburg.

US economic data. The trade deficit for July is expected to have widened to $38.8 billion, and sales of new cars and light trucks are estimated to have jumped 17% year-on-year. The Federal Reserve’s “Beige Book” regional economic report will also be released.

Ryanair’s unhappy summer holidays. The Irish budget airline said a summer heatwave cut into earnings, and warned investors that full-year profits may come in at the lower end of its typical range, around 570 million ($750 million) to 600 million euros.

A good start for the European service sector. Spain grew for the first time since 2011, withMarkit’s index coming in at 50.4 in August, up from 48.5 in July. Data from the UK showed the strongest performance since 2006 at 60.5. A number above 50 indicates expansion rather than contraction, with a larger number meaning faster growth. More readings are expected throughout the day.

Hedge funds are piling into JC Penney and now own 21% percent of its stock after activist investor William Ackman dumped his shares. The funds include Glenview Capital Management, with a 9.1% stake, and Kyle Bass’ Hayman Capital Management, with 5.2%.

Cleveland kidnapper found hanged in his cell. Ariel Castro was sentenced in August to life without parole plus 1,000 years for imprisoning and raping three women over the course of a decade. He was found dead from an apparent suicide.

Jason Karaian on how European soccer clubs are the fiscal opposites of European governments. “If you take each country’s top league as a whole, net spending flips the common economic narrative on its head. Northern Europe shows a taste for aggressive deficit spending—led by England, with France and Germany doing their part—while the prudent periphery—Spain, Italy and Portugal—collects more than it pays out. Despite Madrid’s spending spree, on balance La Liga in Spain brought in the equivalent of $140 million more in fees than it spent on players.” Read more here.